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So, just how safe is Coinmama? Would you want to have her coin-sit your little ones? Are the fees acceptable? Are their better exchanges? Let’s find out!
What Is Coinmama?
Coinmama is an exchange platform that does not have its own wallet storage, as Coinbase does. You can buy and trade and sell, but not store. You will need your own separate wallet to deal with Coinmama.
Each exchange platform has its own markets. “Markets” is the term given to the cryptocurrencies supported by the exchange platform. Unless you are using a direct person-to-person platform, (more common for Bitcoin), you’ll need to find an exchange platform to buy or sell currency.
Coinmama has a dubious reputation. Some hail it as a magnificent exchange platform; others deride it as unfair and a possible scam. I find it hard to believe that such a long-lived and trusted platform could be a scam. It is clear, however, that many people disdain Coinmama.
Before jumping to any conclusions, let’s just remember that the people judging Coinmama are human, and we often make poor judgments, whether good or bad.
Who Uses Coinmama
Newbies tend to go where they see a lot of traffic, assuming that the great amount of traffic equates to high quality. Sometimes this is the case.
Coinmama is very easy to use if you have a separate wallet set up, AND if you can pick someplace besides the United States as your country. I went with United States Outlying Islands.
The general setup and usage instructions are easy to follow and understand. All in all, it is a simple platform.
Someone who is content with the cryptocurrencies offered by Coinmama and who doesn’t mind having a separate wallet will find Coinmama to be an easy and painless way to enhance their portfolio.
There are eight different coins to choose from.
- Bitcoin Cash
- Ethereum Classic
Hardcore investors will want a larger selection with gentler fees, but these are great for people who are new or have limited interests in cryptocurrencies.
People Seeking A Specific Currency
I was already content with Coinbase, even though I had read that more savvy investors shun it for options that have easier fees. With Coinmama not being much better – if at all – why would I make an account with Coinmama?
I wanted Cardano. It’s not the easiest currency to find, and when I saw that it was available on Coinmama I made an account, even though I had to be a tad deceptive about my country.
How To Make An Account
Making an online account with any exchange or wallet tends to be a not-so-fun process. You get to take and upload photos of your ID and answer a slew of questions and write down a bunch of phrases for if you need to recover lost information, such as a password.
Why would an exchange want members to go through so much trouble when they don’t offer a wallet, anyway? If someone wants to pretend to be me and buy BTC to send to my wallet, why should I not be filled with joy?!
I suppose if a hacker has my wallet address and wants to trade my BTC for LTC, which he/she will then have sent to a different wallet, that could be done. Still, these transactions are traceable. But then, savvy hackers know how to move crypto quickly through a host of wallets.
Trust me, oh savvy ones, my share of the Bitcoin world is far beneath your notice. Even if I offered you my address, it wouldn’t be worth your time.
- Select your country.
- Enter your name, address, phone number, birth date, and gender in the form.
- Select your form of identification, e.g., state ID or driver’s license.
- Enter the information in the forms about your ID.
- Photograph the front and back of the ID and a selfie with you holding the ID and a sign that says Coinmama with the date.
- Upload all those pictures.
- Wait for approval.
Rejections usually occur if the website thinks one of the pictures is blurry. That’s a lot of trouble to go through for nothing, so make sure the pictures are clear.
How Safe Is Coinmama?
Coinmama is about as safe as any exchange. You go through a lot of trouble to prove that you’re you. They go through the login and proof of identity steps before you can conduct business.
No website is fully hacker-proof. Hackers hack for a variety of reasons. The fact that you’re poor, like me, won’t deter some hackers. If you’re rich, you’ll need to be extra cautious.
Indeed, Coinmama has been hacked before. So has Chase bank, the US government, Visa, etc.
Would I trust Coinmama with my personal information? Yes! Would I trust Coinmama if I were a billionaire? Probably not. I’d contact other billionaires and ask for their recommendations.
More answers can be found here. It’s best to check here for updates. They also have an affiliate program!
Interested in Coinmama? Check them out!
Won’t you give a quick shot? You aren’t selling your birthday, buying or selling without consent, or inviting anyone into your home.
Let us know your thoughts about Coinmama in the comments below!